$8 Billion New York Commercial Bank to Offer Bitcoin Services

Flushing Financial Corporation, the parent company of New York-based Flushing Bank, has partnered with crypto firm New York Digital Investment Group (NYDIG) to offer bitcoin services to its clients.

Founded in 1929, the bank held assets worth more than $8 billion at the end of 2021 and had net income of about $200 million, according to its fourth-quarter report.

According to a statement, the partnership with NYDIG will allow the bank to offer its clients the ability to buy, sell and hold bitcoin in a “safe and secure environment.”

Flushing Bank said it plans to launch BTC-related services later this quarter and will announce further details of its roadmap soon.

John R. Buran, CEO and president of Flushing Financial Corporation, attributed the company’s move to adopt Bitcoin to its desire to keep up with growing trends in financial markets:

"As part of our ongoing digital transformation, we recognize the importance of keeping up with emerging market trends and consumer demand for alternative financial services."

NYDIG is a heavyweight company in the encryption field, mainly providing BTC-related services and products. The company raised $1 billion in December at a valuation of nearly $7 billion.

In banking and credit unions, NYDIG says it has more than 35 partners in the space, including Five Star Bank, Idaho Central Credit Union, STAR Bank, US Bank and NYMBUS, among others.

NYDIG Chief Innovation Officer Patrick Sells said on Jan. 25 that the company is paying close attention to partnering with traditional financial institutions because it is “ready to show the world that banking can be better with Bitcoin.”

Sells highlighted the growing need to gain exposure to cryptocurrencies through institutions users are already familiar with:

“Our research is clear; consumers want bitcoin, and they want it through the banks and credit unions they already trust.”

The company has also steadily expanded its mainstream reach through partnerships with top sports organizations. , such as NBA's Houston Rockets, luxury car dealer Post Oak Motor Cars.

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